Bitmine slows ETH accumulation, declares ‘crypto spring’ as Tom Lee cites bullish drivers
Bitmine has accumulated 5% of ETH supply ahead of schedule and will now slow purchases, focus on staking, and explore buybacks.Summary
Bitmine, trading as BMNR, has rapidly accumulated between 5.1 and 5.18 million ETH, representing approximately 4.29% to 5% of Ethereum's total supply, valued at $11.9 billion to $12 billion. This achievement, planned for five years, was accomplished in under twelve months with weekly purchases of around 100,000 ETH.
Following this rapid accumulation, Bitmine announced at Consensus 2026 that it will slow its ETH purchasing pace. The company is shifting its strategy to staking, planning to stake about 85% of its ETH holdings (roughly 4.3 to 4.4 million ETH) to earn yield. Additionally, Bitmine intends to conduct up to $4 billion in stock buybacks through its MAVAN platform.
Bitmine chairman Tom Lee expressed a bullish outlook, declaring a 'crypto spring' for Ethereum and predicting ETH prices to exceed $2,100, driven by tokenization momentum and the integration of AI with crypto infrastructure. However, concerns have been raised about the concentration risk of Bitmine holding 5% of ETH supply. The staking strategy mitigates this by locking up funds, and the significant stake also raises questions about governance and centralization within Ethereum's proof-of-stake network.
(Source：Crypto Briefing)